"While I am a total numbers guy, I also believe there is a CEO quotient that always has to be considered," said the Mad Money host. "I apply that CEO quotient to the price-to-earnings multiple. And Iger has about the highest faith to stock price ratio I know."

That's because they likely hit the buy button when shares declined on a revenue miss reported in November.

"The last time when Disney reported, the company delivered a good looking quarter, but not perfect. They didn't provide the blueprint that people were looking for with the purchase of Lucas Films for $4 billion. Plus there were worries when it came to the future of ESPN," Cramer explained.

"Iger delivered a quarter that literally answered every objection and then some. First, he laid out a multi-year vision for Lucasfilms, including multiple Star Wars iterations plus other Star Wars derived movies and entertainment properties that nobody really counted on," said Cramer.

Also, ESPN looked well set-up for terrific growth in 2013 and Disney had some terrific upside in theme parks courtesy new rides that always attract repeat customers."

On the news shares spiked higher – above $54.

What's the bottom line?

If you identify a CEO who does good work and gets the job done, you may want to give him or her the benefit of the doubt and buy shares of their company on an earnings disappointment.

Had you done that with Disney back in November, and bought around $47 after lackluster earnings, you'd have a gain of more than 10% in three months.